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Funding arb · Price arb /

MSTR

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 05:00 UTC−0.0321%/8h= −35.2% APRnext payment −$0.40 per $10,000 · paid last 24h +0.027%
Price spread now: Arcus against Phoenix+0.053%49s7-day average +0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$410.409% of the position
Long on PhoenixShort on Arcus
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.026%−$3 on $10k
Price spread, last 4 days (all we have)−0.331%−$33 · spread now +0.053%, 7d avg +0.004%
Together, before fees−0.357%−$36 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Arcus is 0.049% dearer against Phoenix than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.004%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 4 days (−0.026% in total) that is about 6.8 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.026% in total (about -2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.40 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix MSTR163.890.0362pay 0.0045% / 1h1m 42s$56K$226K10x
ShortArcus MSTR-USD163.980.0040get 0.0005% / 1h1m 42s$26K$113K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

click an exchange to add or hide it
latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$67.5
Price spread: +0.053% → +0.004%
$4.92
Slippage, 4 orders
−$29.37
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Arcus: 2.25 bp × 2 orders
−$4.5
Net
−$103.45
Costs to cover
0.409%
Break-even
never at this rate
Slippage from Phoenix: live order book, 43 min ago; Arcus: live order book, 46 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 43 min ago2.69 bp9.4 bp −$918.5 bp −$185doesn't fitdoesn't fit
Sell Arcus live order book, 46 min ago7.32 bp11.1 bp −$1133.0 bp −$330doesn't fitdoesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget MSTRUSDT−0.0974%8h164.06+0.102%$28.5M$119.1M25xas long as short
Gate MSTR_USDT0.0000%8h163.90+0.004%$4.7M$19.8M50xas long as short
Phemex MSTRUSDT0.0000%4h163.44−0.276%$2.8M$78K10xas long as short
Aster MSTRUSDT+0.0015%8h163.73−0.099%$1.8M$8.7M50xas long as short
Extended MSTR_24_5-USD+0.0032%1h163.69−0.121%$511K$2.0M10xas long as short
Injective MSTR/USDC PERP+0.0033%1h169.34+3.324%$8K$26K30xas long as short
Vest MSTR-USD-PERP+0.0038%1h163.81−0.051%—$1.8M25xas long as short
Arcus MSTR-USDshort+0.0040%1h163.98+0.053%$26K$113K10x
Polymarket Perps MSTR-USD+0.0050%1h163.77−0.075%$378K$2.7M10xas long as short
Ondo Perps MSTR-USD.P+0.0050%1h163.64−0.154%$853K$3.9M10xas long as short
Show all 32 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
QFEX MSTR-USD+0.0054%1h163.81−0.051%$1.3M$7.3M10xas long as short
RISEx MSTR/USDC+0.0088%1h163.90+0.001%$263K$442K10xas long as short
Pacifica MSTR+0.0100%1h163.74−0.092%$100K$83K10xas long as short
KuCoin MSTRUSDTM+0.0100%8h163.79−0.063%$2.4M$2.7M20xas long as short
ApeX Omni MSTRUSDT+0.0100%1h163.95+0.035%$5K$182K50xas long as short
Orderly PERP_MSTR_USDC_mythos+0.0100%8h163.85−0.026%$2K$13K10xas long as short
Aevo MSTR-PERP+0.0104%1h163.86−0.020%$136—10xas long as short
OKX MSTR-USDT-SWAP+0.0118%8h163.80−0.057%$20.8M$101.0M50xas long as short
Lighter MSTR+0.0120%1h163.81−0.051%$3.5M$2.0M10xas long as short
Paradex MSTR-USD-PERP+0.0138%8h163.77−0.072%$66—5xas long as short
Variational Omni MSTR+0.0147%8h164.18+0.173%$1.2M$2.1M—as long as short
Coinbase International MSTR-PERP-INTX+0.0168%1h161.52−1.448%$1.4M$1.1M10xas long as short
Binance MSTRUSDT+0.0214%8h163.82−0.046%$84.1M$629.1M50xas long as short
tradeXYZ xyz:MSTR+0.0222%1h163.72−0.106%$54.3M$37.4M10xas long as short
GRVT MSTR_USDT_Perp+0.0236%8h164.07+0.110%$79K$854K10xas long as short
edgeX MSTRUSDC+0.0279%4h164.13+0.144%$46K$5.4M10xas long as short
Nado MSTR-PERP+0.0330%1h163.73−0.100%$131K$157K3xas long as short
BloFin MSTR-USDT+0.0338%8h163.94+0.029%$1.0M$2.1M20xas long as short
SoDEX MSTR-USD+0.0350%1h163.83−0.038%$43K$3K10xas long as short
Phoenix MSTRlong+0.0362%1h163.89long leg$56K$226K10x
Bybit MSTRUSDT+0.0370%8h163.88−0.008%$16.9M$41.9M50xas long as short
Deribit MSTR_USDC-PERPETUAL+0.0666%1h163.88−0.008%$279K$438K10xas long as short